I believe that error may have something to do with OpenGL incompatibility or possible corrupted drivers. If your card is suppose to support openGL, and it says it wont work, try to reinstall the card and update your driver (NVidia Forceware or ATI Catalys). If it still doesnt works, try updating or reinstallig DirectX, it may have gotten corrupted as that happens sometiems with dirvers. (remember to turn of antivirus before installing new graphics display drivers, either vcard or dx)
If it still doesnt work, contact your hardware vendor, or where you bought your videocard and tell them the problem. An OpenGL supporting card shouldnt have any problems like that, especially with an old game like ET.
Hope that helps.
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